Cancer Health Insurance Advice – Should Medical Health Coverage Include Cancer Insurance?

Cancer Health Insurance has become a big selling product in medical health coverage. Does cancer insurance provided needed medical coverage or does it duplicate health insurance? Read this cancer health insurance article for information advice.

Cancer insurance has deep roots going long back in the medical health coverage industry. Once there were were 3 or 4 major carriers using it as their leading product. Now around 14 insurance companies promote it heavy, and another 50 write a fair amount of cancer health insurance. The controversy lies in who benefits the most, the insurance company or the insurance buyer?

TIMES HAVE CHANGED

In the good old days a group of agents were recruited under a district manager’s supervision. The entire group would invade a small town. They would start with the local banks and work their way down to the other businesses. It was high pressure selling group insurance where employees had premiums deducted from their pay. For a few bucks a week, employees could be covered against the big “C”. Yes agents actually took their thumb and index finger and formed the big “C” for cancer.

When an agent left, there was always another to take the place. The cancer health insurance company then really made out. Since this was true cold calling there we no lead acquisition costs. Plus on an agent that left, the insurance company no longer had to pay the agent and just sit back and collect the money coming in. The district manager was rewarded fat overrides on the business his group of agents wrote.

Why do so many people buy medical health coverage that overlaps? A one word answer: FEAR. Are there any people that do not have relatives, friends, or acquaintances who have experienced some form of cancer? Plus the cost is right, often $25 monthly or so for a truckload of this and that benefit payments. In reality the cancer health insurance policy provides the buyer with more emotional security than it does financial security.

EXAMINE THE FINANCIAL SECURITY

Would you buy a car for twice its value? Definitely not. What if you never get cancer? This is unlike life insurance where at some point you are going to die and have the benefit paid. Plus you could pay $25 for 15 years, $4,500, and develop skin cancer. You file a claim and receive $1,000. If in turn you had put just $25 monthly into an annuity you would have amassed $5,000 or probably $10,000. This surely would have helped more in giving financial security against any medical health coverage needs.

ADDITIONAL INSURANCE COMPANY BENEFITS

Above were covered some of the ways the insurance company benefits from sales, now look at it by claims. Every year there are health and disability companies filing bankruptcy for paying out more in benefits that they have money in reserve. Do you realize (its public record to verify) that some cancer and dread disease companies are only paying 60% out on claims? Seems like easy math to see who comes out the winner.

If baldness insurance was available it would seem a better bet of collecting back what you paid in. By the way, since heart attacks and strokes are more prevalent, why do waste more money of these plans?

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